On Wednesday, cocoa prices settled mixed due to smaller cocoa output in the Ivory Coast, which supported commodity costs.
In the Asian morning session, the US cocoa futures for December contracts increased by 1.09% to $7,870.50 per metric ton. However, London commodity futures for December delivery settled at £5,195.00 ($6,971.14) per ton.
Government data revealed that from October 1 to September 22, Ivory Coast farmers exported 1.74 million metric tons of cocoa to ports, down by -26.00 from the previous year’s report.
In addition, the commodity’s stockpiles held in the US ports have been on a lower trajectory for the past 15 months and declined to a 15-year low of 2,172,260 bags.
However, London cocoa has dipped after the British pound rallied to a 2-1/2 year high, which offset its price in terms of sterling.
Federal Reserve Chair Jerome Powell’s decision to cut rates by 50 basis points has also contributed to the commodity’s solid bullish sentiment.
Meanwhile, the Ghana government boosted the cocoa price paid to farmers by 45.00% to $3,063.00 per ton for the 2024/25 season, which started last month.
However, the price surge was lower than the 65.00% forecast, which may lead Ghana’s cocoa farmers to hold back beans, anticipating higher prices.
Feastables, Tony’s Open Chain to Collab for Cocoa Standard
MrBeast’s Feastables has partnered with Tony’s Open Chain, which helps to overhaul the cocoa supply chain, as its latest Mission Ally.
The American YouTuber’s goodie brand is the first major US chocolate label to join the initiative.
According to reports, by joining Tony’s Open Chain, Mission Allies are working to address the unequal distribution of value and power in the chocolate industry, which pushes the commodity’s farmers into poverty.
Furthermore, this effort involves improved cocoa bean traceability, paying higher prices, and establishing long-term partnerships with farmers in West Africa.
Feastables calls the partnership a critical step in transforming West African cocoa and addressing supply chain inequities by working directly with farmers, workers, and communities.
